Common use of Second Option to Extend Clause in Contracts

Second Option to Extend. The Borrower shall have the option to extend the term of the Loans from the Maturity Date (for purposes of this Section, "First Extended Maturity Date"), to the Second Extended Maturity Date, upon satisfaction of each of the following conditions precedent: (a) The Borrower shall provide the Administrative Agent with written notice of the Borrower's request to exercise the Second Option to Extend not more than ninety (90) days but not less than thirty (30) days prior to the First Extended Maturity Date; (b) As of the date of the Borrower's delivery of notice of request to exercise the Second Option to Extend, and as of the First Extended Maturity Date, no Event of Default shall have occurred and be continuing, and the Borrower shall so certify in writing; (c) On or before the First Extended Maturity Date, the Borrower shall pay to the Administrative Agent on behalf of the Banks an extension fee in the amount of One Hundred Fifty Thousand Dollars ($150,000.00); and (d) The Borrower shall have previously exercised the First Option to Extend in accordance with the terms of Section 2.7 hereof.